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Deposits remain the primary tool to generate income in foreign currency. Despite a gradually declining rate, the Russians continue to carry your dollars and euros in banks. Since the beginning of year the volume of foreign currency deposits of citizens grew by $ 8 billion, in June the inflow was $ 1.5 billion. A large amount (500 thousand dollars) to place at 2.7—3% smaller (from 100 thousand dollars) — a maximum of 2.4 to 2.5 percent. However, the contribution is not the only opportunity to earn on the currency. Judging by the comments, many readers of Banks.ru wondering how to make money on Eurobonds.
Eurobonds: try to find
the Attractiveness of this tool is obvious. On the one hand, it allows to obtain a higher yield. For example, the yield of the issue of sovereign Eurobonds Russia 2047 — 4,39%, while the shorter Gazprom Eurobonds with maturity in 2034 traded with a yield of 4.92%. On the other hand, you can put money on that period, which is necessary to the investor. After all, the holder of Eurobonds earns not only on the coupon, but if the dollar starts to grow.
the Problem is that most of the securities available to private investors, received the status of qualified, and besides, Eurobonds are traded in large lots — 100-200 thousand dollars. However, the company has bonds that you can buy, having even a small amount. According to the chief of Department on work with private clients "BKS the Prime Minister" Mikhail Makarov, if you have 10-20 thousand dollars, you can create a good portfolio with a yield of 3-5%. For example, to buy one bond Russia 2028 (perhaps the most liquid issue in our market), you have to pay for one lot of 1.7 thousand dollars. In Eurobonds VEB maturing in 2023 it is possible to invest with a sum of 1.1 million dollars.
the yield of Russian Eurobonds, which are traded in small lots
the Minimum lot dollars.
trading Volume, thous.
the Yield to maturity, %
Source: the Moscow exchange
On the market you can find the paper also traded in small lots, but with higher profitability. For example, the yield of the bonds "VEB Leasing" with maturity in 2024, higher than 5%, and bonds of the company "Deloports" maturing in 2025 traded with a yield of 7,69%. However, due to the lack of liquidity to acquire such securities on the stock exchange retail investor is almost impossible. "Historically, this market was created for large investors. Transactions take place in large lots outside of the exchange. For a private investor here a little bit," says a portfolio Manager at "OTKRITIE Broker" Timur Nigmatullin.
At the request of the client some brokers can help you acquire profitable Eurobonds, traded in large lots, just breaking them into several parts and buying a part of the securities for themselves or for other clients. However, according to managing assets of JSC "UK Region of Investments" Andrey Duryagina for such services will have to pay a higher Commission. In addition, he notes, incomplete lot will be very difficult to implement in the future on the market, so buying partial lots of the better Eurobonds to maturity securities.
How to earn shareholders
the Purchase of Eurobonds in the market is not the only option for the investor with a small capital. You can buy in a brokerage account or RIS paper stock ETF, and not limited to only Russian issuers. Moscow exchange offers trading in multiple ETF the company's FinEx — FXTB (invests in short-term U.S. Treasury bonds) and FXRU a portfolio consisting of 26 Eurobonds of Russian companies and two analog (FXMM, FXRB), suggesting the ruble hedging.
the Annual yield ETF eurobonded 2-3 times higher interest rates on Bank deposits. For example, according to the accounting reports for the year shares of the Fund investing in the Russian Eurobonds grew by 7.7%. The main advantage of buying the ETF is the ability to buy securities on the stock exchange and the low cost of entry: one lot is one share. Paper FXRU now traded on the Moscow exchange in the area of 755 rubles, and FXTB — just above 640 rubles. Another option is to purchase exchange-traded mutual Fund. For example, the lot value of Fund shares Eurobonds SBCB (UK "Sberbank asset management) — about 1 028 rubles. For six months the dollar return of the Fund amounted to 0,86%.
However, there is a "but". First, managers take Commission for Fund management (its size can range from 0.2% to 0.95%), and secondly, the investor will have to incur conversion costs when buying securities in rubles. "Paper FinEx funds traded in multiple currencies, so the investor has the opportunity to purchase them both in rubles and in dollars. Investor just need to have an account in dollars or euros with a broker," explained the CEO of UK Finex Plus LLC Oleg Yankelev.
similar problems may be faced by those who have decided to invest in mutual Funds Eurobonds. By law, the calculation of securities of the funds happens in Russian rubles. Plus, a relatively high fee. Total shareholder costs for the Fund can reach up to 1.5—2%. Also, many UK put penalties if the investor decides to sell shares before a certain period of time. For example, the sale of Fund shares "VTB — Fund of Eurobonds," prior to the expiration of 180 days will have to pay the agent 2% of their value, the sale earlier than in a year — 1%.
the Yield of the largest mutual Funds Eurobonds for the year in dollars
"Alfa Capital Eurobonds"
"Arikapital — Global investment"
"Sberbank — Global debt market"
"VTB — Fund of Eurobonds, emerging markets"
"Rosselkhozbank — Currency bonds"
"System Capital is Mobile. Bonds. Currency"
"Aton — Fund of Eurobonds,"
Source: data management companies
However, consider managers, the purchase of shares of eurolanguage of the mutual Fund can be quite profitable even taking into account all commissions. "The Fund's portfolio is diversified, and it includes tools that have no access to the ordinary investor. Thus you can earn substantially more than buying securities for themselves", — said the head of the Directorate on work with fixed income instruments UK "the alpha-the Capital" Igor Taran. According to the Manager, now the yield to maturity of portfolio securities of the Fund "Alfa Capital Eurobonds" is about 6.7% with an average maturity of investments is less than five years, which is twice higher than current average rates on Russian Eurobonds. During the year the Fund earned more than 11.7%.
to Avoid losses in currency conversion is possible, if you use the service of trust management. In particular, to capitalize on the Eurobonds of the developing countries offer in the UK "Sberbank asset management". The entrance ticket for the strategy of "Global bonds (USD)" — 5 thousand dollars. However, as in the case of mutual Funds, the investor will have to bear the costs of commissions: the company takes of 0.125% in the quarter. As reported by the Banks.ru in the management of the company, while the necessary funds are not raised, so the portfolio securities in the process of formation. "On the horizon year for this portfolio, we expect performance of around 3.7—4% per annum", — said the representative of UK "Sberbank asset management".
Some managers propose a similar strategy, but using IMS. As the Director of the Department of collective investments UK "Gazprombank asset management" novel Slyusarenko, the investor with the capital of 100 thousand rubles can use the strategy of "RIS Currency bonds". "The account will be mainly purchased foreign currency bonds of the Russian Federation, the payment of which is guaranteed by the state. Including the fee of the management company, the client can count on an income in excess of interest rate on deposits in the largest Russian banks", — he explained. In the long term in the UK want to give customers the possibility to withdraw funds to a Bank account in dollars.
Another possibility to invest small amount of Eurobonds and earn a higher return than Deposit rate, is to buy structured notes. Of course, in this case, the investor becomes the owner of the bonds, but simply concludes with the company that issued the note, the contract. For example, a structural note, BCS No. 38, "World leaders" is based on the securities of companies AngloGold Ashanti, Auchan, Fiat Chrysler, Macy's, Glencore, Xerox. The broker promises to pay to the buyers the notes of the coupon to 8.5% per annum. The minimum amount for investment is $ 1,250.
Because the note is built based on the FTD-strategy (First to Defolt), the main risk here is in default of any of the Issuer included in the portfolio (the underlying asset). In this case, the owner will receive instead of income or depreciating paper, or payment at their current value, said Banks.ru the chief of Department on work with private clients "BKS the Prime Minister" Mikhail Makarov. In order not to lose money, according to him, inexperienced investors should not buy such securities on the stock exchange, it is better to consult with a counselor.
don't lose on taxes
the Main risks for the owner of Eurobonds are foreign exchange revaluation. If at the time of sale of the Eurobond the value of the dollar against the ruble will increase, then the investor will have to pay personal income tax positive exchange rate differences. So, for example, buying short corporate bonds, with maturities will come in a year or two, is a risky business. Experts recommend to choose securities with a longer duration, to be eligible for a tax credit. This does not apply to sovereign bonds of the Russian Federation, income from exchange rate differences which are tax-exempt irrespective of ownership period.
in addition, indicates Slyusarenko, the holders of Eurobonds can deal with a reverse situation: with the strengthening of the ruble your profitability will fall. However, he explains, this is important only for those who invested in the Russian currency and plans to take income.
Finally, there is market risk revaluation of the Eurobonds. In the case of new sanctions, any negative political or economic events cost of Eurobonds could go down. "In rouble bonds this risk is largely kompensiruet initially high yield (yield of the majority of Russian bonds is still in the range of 8-9%). In Eurobonds this risk is much higher — at yields of 3-4% and a maturity of 5-7 years, risk of the investor losing part of the "body" of the investment in case of unfavorable change of the current condition of the market is already significant," — said Igor Taran from UK "alpha-Capital".
However, the market is now completely ignores all external risks. Even the latest news from overseas that the senators were asked to include sanctions against the sovereign debt of Russia in the draft defence budget had not affected the prices. In anticipation of the easing in fed policy, investors are ignoring any news. According to portfolio Manager of Asset Management GICM Fedora Bizikova, the increased demand for bonds by developing countries has raised since the beginning of the year prices by 10-15%. "Investors are betting on continued growth, so they are not afraid of any trade war or sanctions," — says the expert.
albert KOSHKAROV, Banki.ru
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